Stock Market Today: Top 10 things to know before the market opens today

The Indian stock market is expected to open in the green as trends on SGX Nifty indicate a gap up opening for the broader index in India.

On June 3, the BSE Sensex rallied 437 points to 55,818, while the Nifty50 climbed 105 points to 16,628.

The key support level for the Nifty is located at 16,499. The resistance levels to watch out for are 16,702 and 16,776.

Moneycontrol will let you know what's happening in the currency and equity markets. We have put together a list of important headlines that could affect Indian and international markets.

The markets in the United States.

Ahead of a key jobs report due on Friday, Wall Street ended sharply higher on Thursday, led by the likes ofTesla and other mega-cap growth stocks. The gains in the S&P 500 and Nasdaq were due to the rise in the three companies. Both Amazon and Apple gained ground.

The S&P 500 ended the day at 4,178.82 points. The index gained 2.69% to 12,316.90 points, while the index rose 1.31% to 33,248.28 points.

The markets in Asia.

The shares in Asia-Pacific were higher in Friday morning trade. The US jobs data for May will be important for investors. Fast Retailing's shares shot up close to 4% as the Japanese stock market gained 1.21%. The Topix index went up.

The Kospi in South Korea was up 0.79%. The broadest index of Asia-Pacific shares was up.

The SGX Nifty is traded on the New York Stock Exchange.

A gap-up opening for the broader index in India is indicated by the trends on SGX Nifty. The Nifty futures were traded on the Singapore exchange.

The price of oil is not sure if it can make up the Russian Deficit.

Oil prices were roughly unchanged on Friday, holding on to gains made in the previous session on doubts that producers belonging to OPEC+ can increase their crude output to make up for lost supply from Russia.

US West Texas Intermediate (WTI) crude futures were up 1 cent at $116.88 a barrel at the start of the day.

The trade deficit increased to $23.33 billion in May.

The Ministry of Commerce said on June 2 that the country's merchandise exports grew by 15.46 percent year-on-year to $37.29 billion. Last year, the trade deficit was $6.53 billion. The international trade was affected by the second COVID-19 wave.

India's merchandise export in April - May 2022-23 was 77.08 billion, an increase of 22.26 per cent over the same period in the previous year. The commerce ministry stated that the increase in exports last month was led by petroleum products.

Demand may be affected by inflation, commodity prices, and chip shortages.

The automobile major fears inflation, commodity prices and chip shortage may hit demand in the period to come, as it has seen a sequential and year-on-year surge in sales in May.

While speaking to CNBC TV18 on June 2, Shashank Srivastava, Senior ED- Marketing and Sales, said that a resurgence in COVID-19 infections and a further hike in domestic fuel prices can affect the consumer sentiment.

The demand could be affected by five red flags. Is it possible that there was a resurgence of carbon dioxide? The increase in commodity prices could lead to more price increases. The availability of components, the effects of inflation, and the high fuel prices are some of the things that are related to this.

DII and fii data are included.

Foreign institutional investors have sold over 500 million shares, while domestic institutional investors have bought over 130 million shares.

South Korea's inflation is near a 14-year high.

South Korea's consumer inflation rose to a 14-year high in May, cementing the case for more interest rate hikes.

The Statistics Korea data shows that the consumer price index rose 5.4% in May from a year before, speeding up from a 4.8% rise the previous month.

Japan's service sector activity is growing at a faster rate than the rest of the country.

In May, Japan's services sector activity grew at the fastest rate in half a year, as consumer sentiment recovered and input prices rose by a record rate.

The final of the Japan Services Purchasing Managers' Index (PMI) rose to a seasonally adjusted 52.6 from the previous month's final of 50.7, with activity coming in well above the 50 mark that separates contraction from expansion.

The US labor market remains strong.

Demand for labor remains strong and the number of Americans filing new claims for unemployment benefits unexpectedly fell last week.

In the second half of May, the state's unemployment benefits rolls fell to their lowest level in over 50 years, as the weekly unemployment claims report showed.

The number of initial claims for state unemployment benefits fell by 11,000. The economists had predicted 210,000 applications.